Friday, April 20, 2007

News on Maxxam/Pacific Lumber Fraud. Update On Chap. 11 Proceedings.

The former head of the California Dept. of Forestry is accusing Pacific Lumber and Maxxam CEO Charles Hurwitz of fraud.

"Pacific Lumber also offered a plan that would allow it to cut a certain amount of lumber each year without degrading the quality of its forests. But, the suit alleges, that plan relied on an intentionally flawed computer model that exaggerated the rate at which the company's forests would be regenerated after cutting." SF Chronicle

Read more at Humboldt Herald.

Judge says Pacific Lumber bankruptcy to stay in Texas despite wide opposition.


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